Aspen Insurance UK has signed a subscription agreement for access to the Algorithmics' Algo FIRST database of case studies, covering more than 9,600 operational risk events.
The insurer said that it will use knowledge gained from Algo FIRST’s loss and risk content to inform its financial institution’s underwriting and operational risk management.
Aspen Insurance group chief risk officer Julian Cusack said the decision to subscribe to Algo FIRST is to expand the knowledge and understanding of particular categories of operational risk.
"We will incorporate the database in our management of operational risk across the Group," Cusack said.
Algorithmics director and head of business and product development operations for operational risk Laura Polak said Algo FIRST, with its broad coverage across risk categories, will provide Aspen with the content it needs to be able to make informed underwriting decisions as well as broaden their own internal operational risk program through scenario analysis, risk identification and awareness, and change management initiatives.